IIFT Daily Note with Peter Brown

New Zealand downgraded

Posted by:  |  Time: 7:03 am  |  Topic:
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Might not sound too significant to us but it is. It reflects the fact that the world economy is in a dire state. It had a big impact on the S&P last night with a move to 1135. As usual the bounce was big, but it gives a clear indication of the trend. I still hold to my targets of 1100 for the S&P and 1.3000 for Euro/USD. Only buy in the market is the dollar. I am trading very strategically at the moment to avoid these mad bounces. Just short on Eur/Usd because the moves are a little more steady.

Thin Friday ahead so the moves today could be big,be carefull.

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